Online shopping continues to increase
Today, customers have more choices: more products to buy, more information to influence purchasing decisions, and more devices and channels over which to seek customer service. What they don't have is more time. Customers are increasingly valuing their time and see that the most important thing a company can do is to provide them with good online customer experience.
Challenge – ensure that your online experience exceeds your offline one, make it easy for consumers to get what they want and recommend relevant solutions – know your customers through data. Companies need to invest in data strategy and build a solid one since this is how they can get to the consumer heart!
The need for personalisation continues
Consumers are unwilling to accept mass when they can have something tailored just for them and companies are picking up on this! DTC trend is increasing with much more personalised offerings and better solutions due to customers willing to share their data, their preferences, their needs for someone to listen and give them exactly what they want whether it’s offer, product or solution.
Challenge – companies look at personalisation as expensive vs. mass solution. The key is innovation and how do you develop solutions that have personalisation at the heart of it to drive engagement and also affinity to your products and then you will gain market share and also revenue. Test and fail – but do it quickly, embrace a strong innovation culture to help you develop products and services that offer personalised services that make you understand more your customer and therefore continue to be innovative.
Experiences vs. brands
Consumers are more and more wanting experiences that are memorable and willing to pay for them and looking for brands that enhance their experience vs. offer them and sell them products. At Apple they don’t sell us a phone, they sell us an experience-based solution that comes with a phone. Consumers want to enhance their everyday value and especially the experiential value! Brands that get this faster than others dominate the market and have brand loyalty.
Challenge – invest in your CX agenda and don’t make it about the numbers but rather about the culture, ensure you move from making CX a function to making it embedded in your everyday thinking and every function should be CX focused in the job of everyone vs. one team! Make it a movement and transformational agenda for your business.
To start churn prevention is not easy but totally doable! The key is to understand customer sentiment and why they would ever leave you. Studies show that more than 60% of customers leave because they think a company doesn’t care. So ensure you connect with them, engage with them – the better engagement, the higher retention.
I don’t want to state the obvious but many standard tactics work and any company should ensure they adopt them:
I don’t need to imagine the program, we have a great group-wide program at MAF and the reason behind why I think it will be great is because we should always start with the customer so my formula for success would be:
Sherin Yassin is the SVP, Head of Marketing at Majid Al Futtaim. In her current role, Sherin is responsible for the development and implementation of growth strategies that strengthen the Majid Al Futtaim brand awareness, value and equity. Sherin is leading a cross-functional team that focuses on an end-to-end transformation journey across Majid Al Futtaim businesses in the areas of Loyalty, corporate marketing, Digital, Campaigns and Customer intelligence. Sherin brings 23 years wealth of Marketing experience, managing a number of global brands across many industries and geographies including; PepsiCo Foods and Beverages in MEA and North America, Vodafone Telecom, Arthur Andresen Consultancy. Prior to her role at Majid Al Futtaim, Sherin held the position of Senior Director of Marketing for Global brands at PepsiCo Foods Canada; where she led the growth strategy for PepsiCo’s global snacks businesses including Lay’s, Doritos, Ruffles and Tostitos. Sherin holds an MBA and a Bachelor of Arts Degree from The American University in Cairo, Egypt. Sherin enjoys mentoring Marketing fresh graduates and undergraduates, travelling to learn more about new and diverse cultures and supporting her two boys in their competitive basketball career aspiration.